2018 Q4 Form 10-K Financial Statement

#000171015519000016 Filed on February 27, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $355.9M $1.537B $321.8M
YoY Change 10.6% 11.75% 16.13%
Cost Of Revenue $173.5M $713.6M $152.4M
YoY Change 13.83% 12.03% 9.9%
Gross Profit $182.5M $823.3M $169.4M
YoY Change 7.69% 11.5% 22.37%
Gross Profit Margin 51.26% 53.57% 52.65%
Selling, General & Admin $167.9M $687.5M $154.3M
YoY Change 8.81% 14.58% 14.76%
% of Gross Profit 92.02% 83.5% 91.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.50M $74.30M $17.60M
YoY Change 10.8% 41.04% 33.33%
% of Gross Profit 10.69% 9.02% 10.39%
Operating Expenses $188.8M $780.9M $172.1M
YoY Change 9.7% 15.86% 16.1%
Operating Profit -$19.39M $42.35M -$3.606M
YoY Change 437.63% -34.13% 7.55%
Interest Expense -$9.300M -$37.50M -$16.40M
YoY Change -43.29% -167.52% -268.59%
% of Operating Profit -88.55%
Other Income/Expense, Net
YoY Change
Pretax Income -$31.20M $4.868M -$22.20M
YoY Change 40.54% 15.14% -583.98%
Income Tax -$10.90M -$18.79M -$6.100M
% Of Pretax Income -385.89%
Net Earnings -$18.44M $23.65M $27.34M
YoY Change -167.44% -45.17% -381.6%
Net Earnings / Revenue -5.18% 1.54% 8.5%
Basic Earnings Per Share -$0.24 $0.31 $0.39
Diluted Earnings Per Share -$0.24 $0.30 $0.37
COMMON SHARES
Basic Shares Outstanding 77.53M shares 75.90M shares 70.45M shares
Diluted Shares Outstanding 77.53M shares 79.04M shares 73.26M shares

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.10M $17.10M $4.200M
YoY Change 307.14% 307.14%
Cash & Equivalents $17.13M $17.10M $4.208M
Short-Term Investments
Other Short-Term Assets $30.80M $30.80M $23.90M
YoY Change 28.87% 28.87%
Inventory $116.0M $116.0M $91.15M
Prepaid Expenses
Receivables $50.74M $41.40M $43.19M
Other Receivables $9.300M $9.300M $7.700M
Total Short-Term Assets $214.7M $214.7M $162.5M
YoY Change 32.14% 32.12% 10.33%
LONG-TERM ASSETS
Property, Plant & Equipment $355.1M $355.1M $302.3M
YoY Change 17.48% 17.47% 17.89%
Goodwill $777.6M $792.7M
YoY Change -1.91% -0.06%
Intangibles
YoY Change
Long-Term Investments $2.300M
YoY Change -30.3%
Other Assets $8.876M $8.900M $10.99M
YoY Change -19.22% -19.09% -10.88%
Total Long-Term Assets $1.447B $1.447B $1.419B
YoY Change 1.92% 1.92% 2.57%
TOTAL ASSETS
Total Short-Term Assets $214.7M $214.7M $162.5M
Total Long-Term Assets $1.447B $1.447B $1.419B
Total Assets $1.661B $1.661B $1.582B
YoY Change 5.02% 5.03% 3.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.64M $43.60M $35.71M
YoY Change 22.22% 22.13% -9.37%
Accrued Expenses $81.00M $45.60M $77.61M
YoY Change 4.37% 17.53% 11.83%
Deferred Revenue $52.14M $62.99M
YoY Change -17.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.600M $7.600M $7.300M
YoY Change 4.11% 4.11%
Total Short-Term Liabilities $211.7M $211.7M $211.3M
YoY Change 0.16% 0.19% 5.82%
LONG-TERM LIABILITIES
Long-Term Debt $570.5M $570.5M $562.0M
YoY Change 1.51% 1.51%
Other Long-Term Liabilities $53.96M $74.10M $50.90M
YoY Change 6.02% -9.74% 0.8%
Total Long-Term Liabilities $53.96M $644.6M $50.90M
YoY Change 6.02% 0.08% 0.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $211.7M $211.7M $211.3M
Total Long-Term Liabilities $53.96M $644.6M $50.90M
Total Liabilities $265.6M $918.2M $262.2M
YoY Change 1.3% -0.98% 4.81%
SHAREHOLDERS EQUITY
Retained Earnings $74.84M $32.16M
YoY Change 132.73% -470.69%
Common Stock $782.0K $746.0K
YoY Change 4.83% 32.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.161M $233.0K
YoY Change 827.47% 0.0%
Treasury Stock Shares 79.00K shares 28.00K shares
Shareholders Equity $743.2M $743.2M $654.6M
YoY Change
Total Liabilities & Shareholders Equity $1.661B $1.661B $1.582B
YoY Change 5.02% 5.03% 3.32%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$18.44M $23.65M $27.34M
YoY Change -167.44% -45.17% -381.6%
Depreciation, Depletion And Amortization $19.50M $74.30M $17.60M
YoY Change 10.8% 41.04% 33.33%
Cash From Operating Activities -$9.400M $106.6M -$6.000M
YoY Change 56.67% 18.14% -122.3%
INVESTING ACTIVITIES
Capital Expenditures -$25.70M $104.5M -$26.10M
YoY Change -1.53% 12.09% 29.21%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$272.0K $0.00
YoY Change 100.0% -100.0%
Cash From Investing Activities -$25.50M -$104.2M -$26.10M
YoY Change -2.3% 10.19% 24.29%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net -$17.87M
YoY Change -95.21%
Debt Paid & Issued, Net $204.3M
YoY Change -44.44%
Cash From Financing Activities 2.800M $10.40M 8.600M
YoY Change -67.44% 170.9% -577.78%
NET CHANGE
Cash From Operating Activities -9.400M $106.6M -6.000M
Cash From Investing Activities -25.50M -$104.2M -26.10M
Cash From Financing Activities 2.800M $10.40M 8.600M
Net Change In Cash -32.10M $12.80M -23.50M
YoY Change 36.6% -2697.16% -673.17%
FREE CASH FLOW
Cash From Operating Activities -$9.400M $106.6M -$6.000M
Capital Expenditures -$25.70M $104.5M -$26.10M
Free Cash Flow $16.30M $2.135M $20.10M
YoY Change -18.91% -171.96% -57.32%

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104328000 USD
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162358000 USD
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19030000 USD
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51000 USD
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5000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
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174000 USD
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1302000 USD
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381000 USD
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CY2018 us-gaap Deferred Income Tax Expense Benefit
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1038000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
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139000 USD
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7643000 USD
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4984000 USD
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5893000 USD
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14178000 USD
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11370000 USD
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1614000 USD
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71926000 USD
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61940000 USD
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78329000 USD
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75422000 USD
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2397000 USD
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1854000 USD
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37877000 USD
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32631000 USD
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3100000 USD
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619000 USD
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171000000 USD
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4293000 USD
CY2017 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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5152000 USD
CY2018 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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20939000 USD
CY2016 us-gaap Advertising Expense
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AdvertisingExpense
93200000 USD
CY2018 us-gaap Advertising Expense
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107500000 USD
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3858000 USD
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2612000 USD
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3906000 USD
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7078000 USD
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1848000 USD
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0 USD
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4527000 USD
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200000 USD
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218000 shares
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2036000 shares
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0 shares
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0 shares
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0 shares
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0 shares
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0 shares
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7132000 USD
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AssetImpairmentCharges
4117000 USD
CY2018 us-gaap Asset Impairment Charges
AssetImpairmentCharges
17630000 USD
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Assets
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CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2017Q4 us-gaap Capital Lease Obligations
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11985000 USD
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CapitalLeaseObligations
24485000 USD
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1558000 USD
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CapitalLeaseObligationsCurrent
2567000 USD
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CapitalLeaseObligationsIncurred
1004000 USD
CY2017 us-gaap Capital Lease Obligations Incurred
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10117000 USD
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3130000 USD
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3505000 USD
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6000000 USD
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5383000 USD
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0.24
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0.30
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0.39
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0.33
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0.17
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0.07
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0.31
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0.23
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0.29
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0.37
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EarningsPerShareDiluted
0.70
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0.31
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0.16
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0.30
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2755000 USD
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2407000 USD
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2197000 USD
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1046000 USD
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6321000 USD
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CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Equity
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EquityMethodInvestmentSummarizedFinancialInformationLiabilities
4046000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities
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9321000 USD
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-4153000 USD
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-3433000 USD
CY2018 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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1728000 USD
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43953000 USD
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5496000 USD
CY2018 us-gaap Inventory Write Down
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3868000 USD
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557000 USD
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EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
558000 USD
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3000000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities
3000000 USD
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5847000 USD
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EquityMethodInvestmentSummarizedFinancialInformationRevenue
6244000 USD
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3871000 USD
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353300000 USD
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32235000 USD
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40606000 USD
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27172000 USD
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7598000 USD
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7405000 USD
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7405000 USD
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7405000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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7547000 USD
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105138000 USD
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72903000 USD
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64532000 USD
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0 USD
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-7000000 USD
CY2018 us-gaap Gain Loss Related To Litigation Settlement
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0 USD
CY2017Q4 us-gaap Goodwill
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792744000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
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805077000 USD
CY2018Q4 us-gaap Goodwill Gross
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805077000 USD
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12333000 USD
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27464000 USD
CY2017 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2016 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1300000 USD
CY2017 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
CY2018 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
CY2017 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0 USD
CY2018 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0 USD
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25854000 USD
CY2018Q4 us-gaap Incentive From Lessor
IncentiveFromLessor
30851000 USD
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24977000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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4228000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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4868000 USD
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-1370000 USD
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-1001000 USD
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-1304000 USD
CY2016 us-gaap Income Tax Expense Benefit
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11634000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-38910000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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769000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
318000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18785000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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979000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
8742000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1480000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1022000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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0 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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0 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses
3879000 USD
CY2016 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
940000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
765000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
1314000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
973000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
165000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
226000 USD
CY2016 us-gaap Income Taxes Paid Net
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-415000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2647000 USD
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1447000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable
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5616000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
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-3692000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable
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7934000 USD
CY2016 us-gaap Increase Decrease In Accounts Receivable
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9075000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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16858000 USD
CY2018 us-gaap Increase Decrease In Accounts Receivable
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14649000 USD
CY2016 us-gaap Increase Decrease In Inventories
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13827000 USD
CY2017 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
9583000 USD
CY2018 us-gaap Increase Decrease In Inventories
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4153000 USD
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2075000 USD
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7011000 USD
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11037000 USD
CY2017 us-gaap Increase Decrease In Other Operating Liabilities
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14965000 USD
CY2018 us-gaap Increase Decrease In Other Operating Liabilities
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12597000 USD
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817000 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2140000 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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3129000 shares
CY2017Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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240547000 USD
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240547000 USD
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39092000 USD
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2300000 USD
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47198000 USD
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56076000 USD
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1013 store
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5171000 USD
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2 segment
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211652000 USD
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154050000 USD
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561980000 USD
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570545000 USD
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7567000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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364300000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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5000000 USD
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175000000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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10000000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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5000000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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5000000 USD
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3838000 USD
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10397000 USD
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97588000 USD
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90252000 USD
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106628000 USD
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13343000 USD
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16641000 USD
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1089000 USD
CY2017Q4 us-gaap Net Income Loss
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27341000 USD
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43138000 USD
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24455000 USD
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1082 store
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674051000 USD
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64069000 USD
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39022000 USD
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13059000 USD
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15816000 USD
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-3606000 USD
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64291000 USD
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24973000 USD
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-19387000 USD
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42351000 USD
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49303000 USD
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56219000 USD
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63218000 USD
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126388000 USD
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6300000 USD
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6100000 USD
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5800000 USD
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71300000 USD
CY2017 us-gaap Operating Leases Rent Expense Net
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79200000 USD
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89600000 USD
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11451000 USD
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14179000 USD
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10988000 USD
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4688000 USD
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7058000 USD
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1667000 USD
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950000 USD
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1487000 USD
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50902000 USD
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53964000 USD
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2185000 USD
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2568000 USD
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188000 USD
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0 USD
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1928000 USD
CY2017Q4 us-gaap Payments Of Debt Extinguishment Costs
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4800000 USD
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0 USD
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4527000 USD
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1400000 USD
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0 USD
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170983000 USD
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0 USD
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1000000 USD
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1500000 USD
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0 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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90026000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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93219000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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104493000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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23925000 USD
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30815000 USD
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915000 USD
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373024000 USD
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19802000 USD
CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
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174924000 USD
CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
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200000000 USD
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0 USD
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0 USD
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451904000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
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568033000 USD
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302280000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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355117000 USD
CY2016 us-gaap Provision For Doubtful Accounts
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4052000 USD
CY2017 us-gaap Provision For Doubtful Accounts
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8035000 USD
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7107000 USD
CY2018Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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8000000 USD
CY2016 us-gaap Repayments Of Long Term Capital Lease Obligations
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587000 USD
CY2017 us-gaap Repayments Of Long Term Capital Lease Obligations
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940000 USD
CY2018 us-gaap Repayments Of Long Term Capital Lease Obligations
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1802000 USD
CY2016 us-gaap Repayments Of Long Term Debt
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6515000 USD
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367660000 USD
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204275000 USD
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742000 USD
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986000 USD
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866000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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32157000 USD
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74840000 USD
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1196195000 USD
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369859000 USD
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337541000 USD
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346089000 USD
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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321819000 USD
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CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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407975000 USD
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204000 USD
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387425000 USD
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355922000 USD
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1536854000 USD
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72278000 USD
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52144000 USD
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15029000 USD
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4840000 USD
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61000 USD
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6854000 USD
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6900000 USD
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8100000 USD
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8117000 USD
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4564000 USD
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4600000 USD
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5114000 USD
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5100000 USD
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525869000 USD
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600010000 USD
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687476000 USD
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3942000 USD
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3938000 USD
CY2016 us-gaap Share Based Compensation
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4293000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
5152000 USD
CY2018 us-gaap Share Based Compensation
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20939000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
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1343000 USD
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1593000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1742000 USD
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26556000 USD
CY2018 us-gaap Standard Product Warranty Accrual Payments
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29794000 USD
CY2017 us-gaap Standard Product Warranty Accrual Warranties Issued
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26806000 USD
CY2018 us-gaap Standard Product Warranty Accrual Warranties Issued
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29943000 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
373024000 USD
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StockIssuedDuringPeriodValueNewIssues
19802000 USD
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1041000 USD
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399581000 USD
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654600000 USD
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743154000 USD
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673630000 USD
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1.96627
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28000 shares
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79000 shares
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233000 USD
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2161000 USD
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377000 USD
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1928000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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0 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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0 USD
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57001000 shares
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57934000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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56414000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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58459000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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73256000 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
62035000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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77837000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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77858000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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79710000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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77526000 shares
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79041000 shares
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56185000 shares
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WeightedAverageNumberOfSharesOutstandingBasic
56261000 shares
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56414000 shares
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WeightedAverageNumberOfSharesOutstandingBasic
56414000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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70454000 shares
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59895000 shares
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74714000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75249000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76118000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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77526000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75899000 shares
CY2018 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fiscal Year</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We operate on a retail fiscal calendar that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to December 31. In a 52-week fiscal year, each quarter contains 13&#160;weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters includes 13&#160;weeks of operations and the fourth quarter includes 14&#160;weeks of operations. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">References herein to &#8220;fiscal year </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">,&#8221; &#8220;fiscal year </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">,&#8221; and &#8220;fiscal year </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">,&#8221; relate to the </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;"> weeks ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;29, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">December&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, respectively. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

Files In Submission

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